Median Household Income by Age of Householder in Melbourne Village, FL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Melbourne Village. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Melbourne Village.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $135,102 |
| 45 to 64 years | $132,109 |
| 65 years and over | $82,779 |
TABLE OF CONTENTS
Melbourne Village, FL median household income by age of householder
As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Melbourne Village population by age, the median age in Melbourne Village is 58.5 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Melbourne Village, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $132,109.
In terms of income distribution across age cohorts, in Melbourne Village, the median household income stands at $135,102 for householders within the 25 to 44 years age group, followed by $132,109 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $82,779.
For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the town of Melbourne Village.
FIGURE 1
Melbourne Village, FL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Melbourne Village, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $46,472(52.43%), escalating from a median of $88,630 in 2012 to $135,102 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $10,263(14.15%), increasing from a median of $72,516 in 2012 to $82,779 in 2022.
Melbourne Village, FL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Melbourne Village population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.
Upon closer examination of the distribution of households among age brackets, it reveals that there are 2(0.61%) households where the householder is under 25 years old, 45(13.80%) households with a householder aged between 25 and 44 years, 89(27.30%) households with a householder aged between 45 and 64 years, and 190(58.28%) households where the householder is over 65 years old.
The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the town of Melbourne Village, showcasing varying income levels among different age demographics.
FIGURE 2
Melbourne Village, FL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Melbourne Village: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Melbourne Village household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Melbourne Village: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | - | 2 | 5 |
| $10,000 - $14,999 | - | 7 | 2 | 3 |
| $15,000 - $19,999 | - | - | - | 7 |
| $20,000 - $24,999 | - | - | 7 | 14 |
| $25,000 - $29,999 | - | - | - | 8 |
| $30,000 - $34,999 | - | 1 | - | 4 |
| $35,000 - $39,999 | - | - | 2 | 7 |
| $40,000 - $44,999 | - | - | 3 | 10 |
| $45,000 - $49,999 | - | - | - | 9 |
| $50,000 - $59,999 | - | 4 | 7 | 13 |
| $60,000 - $74,999 | - | 4 | 6 | 11 |
| $75,000 - $99,999 | 2 | - | 3 | 39 |
| $100,000 - $124,999 | - | 2 | 11 | 29 |
| $125,000 - $149,999 | - | 18 | 4 | 10 |
| $150,000 - $199,999 | - | 4 | 13 | 18 |
| $200,000 or more | - | 5 | 29 | 3 |
To further explore the income distribution and gain insights into financial landscape of Melbourne Village when compared to the state of Florida and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:
- Householder under 25 years: It is impressive that 100% of the households in Melbourne Village, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $70,719 for the state of Florida. These 2 Melbourne Village households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Melbourne Village, among households headed by individuals aged 25 to 44, an impressive 73.33% match or surpass the state of Florida median income of $70,719. These 33 households, represent a significant portion of the total 45 households in Melbourne Village within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Melbourne Village, within the age group of 45 to 64 years, a remarkable 74.16% of households meet or exceed the state of Florida median income of $70,719. These 66 households, out of the total 89 households in this age cohort, signify a substantial portion of mature demographic of Melbourne Village, showcasing commendable financial stability in comparison to the Florida state median income benchmark.
- Householder 65 years and over: In Melbourne Village, among the over 65 years age group, an impressive 57.89% of households either match or surpass the state of Florida median income of $70,719. These 110 households, constituting a significant portion of the Melbourne Village town senior population, showcase commendable financial stability compared to the Florida state median income benchmark.
Things to know
Which age group reports the highest median household income in Melbourne Village, FL?
In Melbourne Village, households led by individuals aged 25 to 44 years report the highest median household income of $135,102 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Melbourne Village, FL?
In terms of income distribution across age cohorts, in Melbourne Village, the median household income stands at $135,102 for householders within the 25 to 44 years age group, followed by $132,109 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $82,779..
How does the median household income for households led by individuals of median age compare in Melbourne Village, FL?
The median age in Melbourne Village is 58.5, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Melbourne Village, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $132,109.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)